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Inactive Financial Institution Letters
July 12, 1996
|TO:|| CHIEF EXECUTIVE OFFICER
|SUBJECT:|| Interagency Statement on the Risks to
Involving Computer Systems in the New Millennium
| The interagency Federal Financial Institutions Examination
Council (FFIEC) has issued the attached statement on the substantial
risks to financial institutions involving their computer systems
as the industry enters the new century (year 2000). These
risks are attributed to the programming code in existing computer
systems that may result in inaccurate calculations based on
any two-digit year field containing the value "00."
The FFIEC statement alerts financial institutions, servicers, and vendors to the need to adequately address the risks, including system failures or erroneous data, associated with the existing programming code. The issue affects every financial institution and all aspects of computer systems.
During regular supervisory reviews, examiners will review each institution's year 2000 plan. For more information, please contact your Division of Supervision regional office.
The attachment to this Financial Institution Letter is not currently available in electronic format. Until it is in a form that will allow us to post it to the internet, you may obtain hard copy or fax from:
Distribution: FDIC-Supervised Banks (Commercial and
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